Burberry has announced a significant 40 million cost-cutting programme to stabilize its business, as new CEO Joshua Schulman emphasizes a return to core timeless products.
Joshua Schulman noted the urgent need for change as Burberry has strayed from its roots, asserting that the brand must focus on core collections like trench coats and scarves.
The recent cost-cutting initiative led to a nearly 19% increase in Burberry shares, marking the most substantial one-day rise in 20 years, reflecting investor optimism.
Schulman highlighted the potential for Burberry as an independent brand, mentioning that significant opportunities lie ahead for the company’s future in the luxury market.
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